New York Attorney General Goes After Libor Manipulators

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If you think the government isn't serious about going after bankers, you don't work at the New York Attorney General's Office. Only weeks ago, Standard Chartered Bank made headlines when it was revealed that they allegedly laundered more than $250 billion for Iran, which is illegal in the United States. The State of New York has since settled with Standard Chartered, but now they have their eye on a bigger fish.

New York Attorney General Eric Schneiderman has set his sights on banks that manipulated Libor. He's sent subpoenas to JP Morgan Chase, Barclays, Royal Bank of Scotland, Citigroup, Deutsche Bank, HSBC and UBS signaling that this banking scandal is far from over.

Peter Henning, professor at Wayne State University Law School, says it won't just be difficult to hand out sentences, it might be awhile before we know whether anything illegal happened at all.